[Objective] The value of ecological products from the perspectives of ecology and economy was studied with incorporate ecological benefits into cost-benefit analysis, in order to provide decision-making basis for ecological poverty alleviation work in relevant regions. [Methods] We used data from farmland returned to tea and walnut forests in Anhui and Sichuan Province, respectively. We used soil and water conservation (SWC) as the major product of GTGP. The universal soil loss equation was employed to quantify the amounts and values of SWC, and then these SWS values were incorporated as a part of the income in the economic analysis that we conducted. [Results] ① Compared with bare land, tea and walnut forests effectively reduced soil erosion, and the cumulative erosion reduction in 20 years was 30 600 t and 212 000 t, respectively; ② The soil and water conservation values per unit area of tea and walnut were 681.0 and 1 285.5 yuan/(ha·yr), respectively. After incorporating these values into the economic analysis, the average net income was 61.3 and 1.293 million yuan/yr, respectively. The average annual net income per unit area of tea and walnut was 184,300 and 97,500 yuan/ha respectively; ③ The GTGP subsidy standard had little impact on net income. After the subsidy standard for returning farmland to forest was doubled, the simulated net income value (NPV) only dropped by 2.1% and 4.6%, respectively, while simulated NPV dropped 68.1% and 77.1%, respectively, if tea and walnut prices decreased by 50%; ④ The ecological benefits of tea forest and walnut forest accounted for 4.4% and 6.8%, respectively, of the cost, with the highest proportion reaching 11.9%. [Conclusion] The ecological benefits of economic forests can offset part of the costs, and should be included in the calculation of net income value so that the value of ecological products can be accounted for.